CORONA Remedies acquires Sanofi India's Myoril brand for Rs 234 crore

Myoril is used to treat muscular pain in conditions like muscular tension or stiffness

Ahmedabad-based CORONA Remedies on June 28 announced the acquisition of Myoril brand from Sanofi India for Rs234 crore. The acquisition, CORONA’s largest so far, marks its entry into the muscle relaxant category, the company said in a statement.

Myoril is used to treat muscular pain in conditions like muscular tension or stiffness.

The muscle relaxant market in India is valued at Rs 1,626 crore and it is growing at 13 percent.

Founded in 2004, CORONA Remedies has a lineup of more than 80 brands and has two DSIR-approved research and development centres.

Myoril has annual sales of Rs 38 crore and a growth of 6.8 percent according to IQVIA's May 2023 data.

Sanofi India on February 23, 2023, announced a substantial year-on-year profit growth of 45 percent to Rs 130.9 crore for the quarter ending December 2022, primarily driven by a strong operating performance.

However, revenue from operations for the quarter fell by 2.3 percent YoY to Rs 672 crore. The company follows the calendar year as its financial year.

he operating performance for the quarter was strong given the lower input cost. EBITDA (earnings before interest, tax, depreciation, and amortisation) in Q4CY22 grew by 31.2 percent to Rs 167 crore and the margin expanded by 635 bps to 24.84 percent compared to the corresponding period last fiscal.